Younger retirees less inclined to leave inheritance

People approaching retirement would appear to have a different attitude to leaving an inheritance to those who are already retired, according to research by Just Retirement.

Older retirees are more inclined to bequeath an inheritance in their Will to family and loved ones, while those approaching the age of retirement largely indicated their intention to use their assets and accumulated wealth to fund their lifestyle into retirement. With particular regard to a property inheritance, older retirees believe their house should be passed on, while those due to retire considered it a nice gesture, but not essential.

Of those surveyed aged over 55, only 38% believed it was important to leave as large an inheritance as possible, while 48% were against the idea. Of those with a year or less to go to retirement, only 28% considered leaving an inheritance to be important, while 66% disagreed. Of the overall group of those aged 55 and over, 27% were willing to give up some element of their lifestyle in order to leave an inheritance to their family - only 17% of those approaching retirement age felt that way.

If you live in Northern Ireland and have yet to write a Will, or need to update an old Will, contact one of the solicitors at Wilson Nesbitt in Belfast or Bangor by calling 0800 840 9293. To read more information about Will writing, or other issues such enduring powers of attorney, click here.